Energy Transfer Partners (ETP) appears now to be facing a double whammy of weak energy prices and environmental roadblocks. ETP’s shares plunged 2.8% on Thursday, June 15, 2017, after a US federal judge ordered the US Army Corps of Engineers to reconsider their previous environmental study on controversial DAPL (Dakota Access Pipeline). According to the judge, the US Army Corps of Engineers “did not adequately consider the impacts of an oil spill on fishing rights, hunting rights, or environmental justice, or the degree to which the pipeline’s effects are likely to be highly controversial.”
Will be shorting this for near future. Price is now in yellow area on chart. Confirmation of bears will be a close of daily price action under $16.00. If this happens, then $14.00 will be new support area.